This is a very unusual pencil. It is the record holder for the simplest drafting leadholder ever.* It is composed of only two parts, the barrel and nose clamp. Notice how the jaws which are machined directly out of the barrel shaft have twisted under the force of the clamp. Because the jaws are plastic (celluloid?), this holder has some of the advantages of compression washer style mechanisms such as the Elastichuck in that the resilient jaws spread the clamping force over a large area of the lead. One drawback to the plastic jaws, however, is the large compressive force needed to keep the lead from slipping. I suspect this leadholder would wear out relatively quickly although this one shows signs of being well used and still works fine.

* See also the Gesner reproduction of the first known pencil which is also comprised of only two components.